Management Accounting and Cost Control

This course uses a decision-making approach to prepare students to be skilled managers in the hospitality industry. The course includes a variety of workplace financial problems and a running theme of strategic management to help students relate management accounting decisions to a company’s success. Course topics will include: analyzing financial data of hotels and restaurant operations, measuring F&B cost and their selling prices, cost-volume-profit analysis, optimizing sales and revenues, internal control, budgeting, capital investment and ethical decision making.

Prerequisites

What you will learn

• The differences between management accounting and financial accounting, the importance of management accounting in hospitality operations, standards of Competence, Confidentiality, Integrity, and Credibility in management accounting.
• Analyzing income statement and balance sheet by focusing on hotels and restaurants operations. Using horizontal, vertical, and ratio analysis.
• Cost concepts: cost objects, types of costs, cost in restaurants, costs in hotels, direct and indirect cost, variable and fixed costs, mixed costs.
• Food and beverage costing
• Cost-Volume-Profit analysis
• Revenue and Profit optimization
• Internal Control
• Different methods of pricing rooms for hotels.
• Budgeting; Sales budget, purchase budget, income statement budget, capital budget, cash budget. decision making based on the comparison of budgeted numbers to actual numbers.
• Capital Investment; return on investment (ROI), accounting rate of return (ARR), pay back method, net present value (NPV) of investment.
• Ethical Decision Making

How to register

This course is offered as part of a VCC program only.

Contact us

If you have any question, please email at advising@vcc.ca.

Additional information

† This information is intended as a guideline only. Program and course details are subject to change with the approval of VCC's Board of Governors.